Third party risk management trends and insights for 2019
- Published: Tuesday, 22 January 2019 10:04
Today’s business climate dictates that organizations will need to continue to rely on third parties to remain competitive and alleviate internal processing burden. All of these relationships present some sort of risk to organizations that requires managing and monitoring.
Venminder, a provider of third party risk management software and services, recently conducted a survey seeking to gain insights and trends for 2019 into how financial services and financial technology companies are managing third party risk.
Highlights from the survey include:
- Vendor cybersecurity and fourth party vendors are top hurdles for 2019;
- 73 percent believe that third party risk management is getting more scrutiny by the regulators;
- 72 percent find it challenging but manageable to secure business unit support for their vendor management program requirements;
- 76 percent say they have updated their vendor management policy documents in the last year;
- 76 percent believe there is a return on investment (ROI) from efficient vendor risk management;
- 57 percent say they use the centralized operating model for their vendor management program.